Step 1: The master policyholder has the option to choose between the two available variants for the group:
- Variant 1 – One Year Renewable Term.
- Variant 2 – Two Year Single Premium Option
Step 2: The Sum Assured for each member shall be proposed by The Master Policyholder and may vary from one member to another.
Step 3: The member in the group has the option to cover his/her spouse by choosing the Joint Life option available under both variants.
Step 4: The benefit under both the variants are payable on the death of the member. Under Joint Life, the benefit is payable on the death of first life and the policy will terminate after the payment of death benefit on the first life and cover on second life ceases